Navamedic and Grünenthal: Marketing and distribution agreement in Mexico
(Lysaker, Norway, 22 February 2007) Navamedic ASA and Grünenthal GmbH have signed a Heads of Agreement for marketing and distribution of Glucomed®/Flexove(TM) in Mexico.
Glucomed®/Flexove(TM) is a glucosamine HCl product for symptomatic treatment of osteoarthritis. With this agreement, Navamedic has now established a marketing and distribution network of 12 partners, among them Merck, Grünenthal and Meda, covering 24 countries.
- Grünenthal is known as a specialist in pain management in the Mexican market. As the first and only EMEA approved glucosamine, Glucomed®/Flexove(TM) from Navamedic will be a great addition to our existing portfolio of innovative and high quality products in Mexico. We are convinced that as a pain specialist we should offer, in addition to traditional pain treatment, complete solutions to patients and physicians. This product is a safe and complementary treatment in osteoarthritis which not only relieves pain, but also improves function and disease progression, and therefore offers additional benefits to patients with osteoarthritis ", said Chris Carol Bremer, Pain Business Unit Director in Grünenthal Mexico.
Navamedic has earlier entered into similar marketing- and distribution agreements with Grünenthal for the Czech Republic, Slovakia, Poland, Russia ,Ukraine, Kazakhstan and Belarus, and in January the co-operation was extended to include Austria.
Navamedic’s application for product approval in the EU/EAA was approved by the EU Commission in December 2006, and Navamedic is now awaiting local Marketing Authorizations for each country.
Grünenthal will be responsible for registering the product on Navamedic’s behalf in Mexico, based on Navamedic’s documentation. Navamedic expects revenue generation from Mexico to start during 2008.
- Grünenthal is a perfect partner for our product, given their position in pain therapy. We are pleased to extend the co-operation with Grünenthal, and believe they will be able to promote the product in a strong and profitable manner for both companies. We are very excited about the prospect of entering the large and fast growing Mexican pharmaceutical market together with Grünenthal Mexico, says CEO Řyvind W. Brekke in Navamedic.
Mexico is the worlds 10th largest pharmaceutical market, and has seen a 10 percent annual growth rate over the last two years. The current market for pharmaceutical glucosamine in Mexico is approximately NOK 100 million (at wholesale level), following a growth exceeding 20% the last year. Mexico has a population of 107 million, of which 6.1 million are above 65 years of age .
The final agreement is expected to be signed before 30 April, 2007.
Grünenthal researches ,develops and produces high therapeutic value medicines and markets them throughout the world. Grünenthal is an expert in drugs for pain therapy and gynaecology and a leader in the field of intelligent, user-friendly drug delivery technologies. Grünenthal is an independent, family-owned company with a long history of international cooperations. The company was founded in 1946 and has its headquarters in Germany. Grünenthal supplies their markets from seven production sites around the world and have affiliates in 26 countries. Grünenthal employs about 1,800 people in Germany and about 4,800 world-wide. Sales in 2005 amounted to approximately EUR 780 million. For more information, please see: www.grunenthal.com
About Navamedic ASA:
Navamedic is a Norwegian speciality pharmaceutical company focusing on the development and production of glucosamine HCl (hydrochloride) based medicines. Glucosamine is a generic active ingredient which relieves pain and improves function in patients with mild to moderate osteoarthritis. The product has a favourable safety profile. Osteoarthritis is a chronic disease which affects a large and growing share of the world`s population. Navamedic aims to become a leading company in the glucosamine industry, with a competitive advantage in proprietary production technology. Navamedic`s product Glucomed®/Flexove(TM) has been approved across 25 EU/EEA states by European Medicines Agency (EMEA), as the first and only glucosamine based medicine against osteoarthritis. The company`s products will be sold through a network of sales, marketing and distribution partners. For more information, please see www.navamedic.com
- Contact Information
- Řyvind W. Brekke
- Navamedic ASA
- Contact via E-mail
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